Student loan forgiveness programs explained—Find out if you qualify
2 months ago

Student loan forgiveness programs explained—Find out if you qualify

Live Mint  

Millions of Americans burdened by student debt have access to several loan forgiveness, cancellation, or discharge programs. Programs like the Public Service Loan Forgiveness and Saving on a Valuable Education plan offer relief by reducing or eliminating debt for qualifying borrowers, enabling financial freedom for millions. Public Service Loan Forgiveness How it works: PSLF forgives the remaining balance on Direct Loans after 120 qualifying monthly payments under an eligible repayment plan while working full-time for a qualifying employer. Teacher loan forgiveness How it works: Full-time educators in low-income schools for five consecutive years may qualify for forgiveness of up to $17,500 on Direct Loans or Federal Family Education Loans. Navigating student loan forgiveness programs requires careful attention to eligibility requirements and timely applications.

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History of this topic

Student loan forgiveness in US: Biden promised, will Trump fulfil?
1 month, 3 weeks ago

Student loan forgiveness in US: Biden promised, will Trump fulfil?

India Today  

Donald Trump has returned to the White House for a second term with a bang, and with it comes uncertainty over the fate of student loan forgiveness in the US. WHY TRUMP OPPOSES STUDENT LOAN FORGIVENESS Donald Trump has been quite vocal in criticising Biden's student loan forgiveness initiatives as a "total catastrophe" and "unfair" to taxpayers. When Biden's broad …

Biden’s parting gift: Student loan debt relief
2 months, 1 week ago

Biden’s parting gift: Student loan debt relief

Politico  

Education Department officials said that “many” borrowers had already been notified that they received relief, and some will be notified in the coming days. Key context: More than 5 million borrowers have had about $183.6 billion in student loans forgiven since Biden took office, according to Education Department officials. During Trump’s first administration, then-Education Secretary Betsy DeVos denied nearly 130,000 …

Biden cancels nearly $4.3 billion more in student loans, ‘I promised to…’
3 months ago

Biden cancels nearly $4.3 billion more in student loans, ‘I promised to…’

Hindustan Times  

Joe Biden has cancelled nearly $4.3 billion more in student loans as a final act of forgiveness before leaving office. President Joe Biden has cancelled nearly $4.3 billion in student loans Biden cancels nearly $4.3 billion in student loans for 55,000 public sector workers “From day one of my administration, I promised to make sure that higher education is a …

More student loans canceled in Biden’s final round of forgiveness before leaving office
3 months ago

More student loans canceled in Biden’s final round of forgiveness before leaving office

The Hindu  

The Biden administration is canceling federal student loans for another 55,000 workers through an existing program known as Public Service Loan Forgiveness. Under Mr. Biden, the Education Department loosened the rules for Public Service Loan Forgiveness, which previously had a 99% rejection rate amid burdensome rules and widespread confusion over eligibility requirements. With the latest round of relief, Mr. Biden …

More student loans canceled in Biden's final round of forgiveness before leaving office
3 months ago

More student loans canceled in Biden's final round of forgiveness before leaving office

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration is canceling …

Biden scraps plans to cancel widespread student loan debt
3 months ago

Biden scraps plans to cancel widespread student loan debt

Salon  

The Biden administration has withdrawn its proposals for large-scale student loan relief programs, closing the door on mass loan forgiveness in the remaining weeks of his term. The U.S. Department of Education is rescinding two of its major student loan proposals, which would have considered some amount of loan forgiveness for at least 38 million Americans, according to Politico. In …

My Family And I Were Trapped In A Financial Prison. Then I Received A 6-Word Letter That Changed My Life.
5 months, 3 weeks ago

My Family And I Were Trapped In A Financial Prison. Then I Received A 6-Word Letter That Changed My Life.

Huff Post  

Three generations of women: the author in the middle, her mother on the left and her oldest daughter on the right. Your student loans have been forgiven.” Thanks to the Biden-Harris administration’s student loan forgiveness program, my monumental debt was erased. Biden’s student loan forgiveness didn’t just erase a number from my balance sheet — it gave me back my …

Biden administration cancels another $1.2bn in student loans for public service workers
8 months ago

Biden administration cancels another $1.2bn in student loans for public service workers

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration is cancelling an additional $1.2bn in student …

Biden administration cancels another $1.2 billion in student loans for public service workers
8 months, 1 week ago

Biden administration cancels another $1.2 billion in student loans for public service workers

Associated Press  

The Biden administration is cancelling an additional $1.2 billion in student loans for borrowers who work in public service through changes to an existing forgiveness program. The relief for roughly 35,000 borrowers was announced Thursday by the Education Department and made through changes to the Public Service Loan Forgiveness program, which benefits workers such as teachers, nurses and firefighters. “These …

Biden administration cancelling student loans for another 160,000 borrowers
10 months ago

Biden administration cancelling student loans for another 160,000 borrowers

Hindustan Times  

The Biden administration is cancelling student loans for another 160,000 borrowers through a combination of existing programs. A separate action by the Biden administration aimed to correct previous mistakes that delayed cancellation for some borrowers enrolled in other repayment plans and through Public Service Loan Forgiveness, which forgives loans for people who make 10 years of payments while working in …

Biden forgives more than $6 billion in loans for 317,000 Art Institutes students
10 months, 3 weeks ago

Biden forgives more than $6 billion in loans for 317,000 Art Institutes students

NPR  

Biden forgives more than $6 billion in loans for 317,000 Art Institutes students Enlarge this image toggle caption Jemal Countess/Getty Images for People's Rally Jemal Countess/Getty Images for People's Rally President Biden announced on Wednesday that the White House would forgive more than $6.1 billion on student loan debt for 317,000 borrowers who attended The Art Institutes, a private art …

The deadline to consolidate some student loans to receive forgiveness is here. Here’s what to know
10 months, 3 weeks ago

The deadline to consolidate some student loans to receive forgiveness is here. Here’s what to know

Associated Press  

NEW YORK — Borrowers with some types of federal student loans have until today to consolidate their loans to qualify for full student loan cancellation or credit toward cancellation. The Education Department is expected to conduct a one-time adjustment in the summer but borrowers who want to be considered for the adjustment have to submit a request to consolidate their …

More student loan forgiveness available, but April 30 deadline looms
10 months, 3 weeks ago

More student loan forgiveness available, but April 30 deadline looms

LA Times  

Californians who obtained federally backed student loans from private banks can have some or all of their remaining debt forgiven by the Biden administration, but they need to act fast: The deadline for qualifying is Tuesday. The Education Department launched the Income Driven Repayment One-Time Adjustment initiative in 2022 to address complaints about loan servicing companies losing track of payments, …

Biden administration looks to expand student loan forgiveness to those facing ‘hardship’
1 year, 1 month ago

Biden administration looks to expand student loan forgiveness to those facing ‘hardship’

Associated Press  

WASHINGTON — Americans who are struggling to repay federal student loans because of financial hardship could get some of their debt canceled under President Joe Biden’s latest proposal for widespread loan forgiveness. Here’s what we know so far about who could be eligible for cancellation under the Biden plan: HARDSHIP Borrowers facing financial hardship could see relief under the newest …

Joe Biden forgives $5 billion in student loan debt ahead of presidential election
1 year, 2 months ago

Joe Biden forgives $5 billion in student loan debt ahead of presidential election

India Today  

US President Joe Biden on Friday announced student debt cancellation of nearly $5 billion for an additional 74,000 borrowers, including more than half who earned forgiveness after 10 years of public service as teachers, nurses and firefighters. Education Secretary Miguel Cardona said the department was moving "full speed ahead" with efforts to deliver even greater debt relief for more borrowers …

Student loan forgiveness isn't dead yet, and other takeaways from 2023
1 year, 3 months ago

Student loan forgiveness isn't dead yet, and other takeaways from 2023

NPR  

Student loan forgiveness isn't dead yet, and other takeaways from 2023 Enlarge this image Margaret Flatley for NPR Margaret Flatley for NPR Federal student loan borrowers have had quite a year. Margaret Flatley for NPR Many, perhaps most borrowers will tell you that 2023 was the year the idea of "student loan forgiveness" died atop the mahogany bench of the …

How to apply for student loan forgiveness – and scams to watch out for
1 year, 3 months ago

How to apply for student loan forgiveness – and scams to watch out for

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. It was …

Biden canceled billions more dollars in student loans. Here’s what you need to know
1 year, 5 months ago

Biden canceled billions more dollars in student loans. Here’s what you need to know

LA Times  

The Biden administration so far has forgiven $127 billion in federal student loans for about 3.6 million Americans, according to the Department of Education. The Biden administration announced an additional $9 billion in student debt relief for tens of thousands of borrowers Wednesday, days after federal student loan payments resumed after a three-year pause during the pandemic. The latest round …

Biden is trying again on student loan forgiveness. Here’s where the process stands
1 year, 5 months ago

Biden is trying again on student loan forgiveness. Here’s where the process stands

Associated Press  

NEW YORK — President Joe Biden is making another attempt at student loan cancellation after the Supreme Court ruled earlier this year that his administration couldn’t forgive $400 billion in student loan debt using a 2003 law called the HEROES Act. “The HEA gives the Secretary of Education the authority to ‘enforce, pay, compromise, waive, or release any right, title, …

Borrowers are reassessing their budgets as student loan payments resume after pandemic pause
1 year, 5 months ago

Borrowers are reassessing their budgets as student loan payments resume after pandemic pause

Associated Press  

NEW YORK — Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars. “If they were forgiven out of the blue, I’d be ecstatic.” The Supreme Court in July rejected a plan by President Joe Biden’s administration to wipe away $400 billion in student loan debt. On an earnings call …

Borrowers are reassessing their budgets as student loan payments resume after pandemic pause
1 year, 5 months ago

Borrowers are reassessing their budgets as student loan payments resume after pandemic pause

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “If they were forgiven out of the blue, I'd …

804,000 long-term borrowers are having their student loans forgiven before payments resume this fall
1 year, 5 months ago

804,000 long-term borrowers are having their student loans forgiven before payments resume this fall

Associated Press  

NEW YORK — Karin Engstrom thought she’d be paying off her federal student loans for the rest of her life. Engstrom didn’t immediately believe it when she saw her balances had been erased, but she eventually found a letter from the Federal Student Aid office dated August 28 that confirmed the cancellation was real. “I looked into getting a different …

Biden Has a Plan B for Student-Loan Forgiveness. The Courts Could Kill It, Too.
1 year, 6 months ago

Biden Has a Plan B for Student-Loan Forgiveness. The Courts Could Kill It, Too.

Live Mint  

WASHINGTON—President Biden says he hasn’t given up on large-scale student-loan forgiveness. Legal scholars and activists said using the Higher Education Act to forgive student loans offers the administration a better chance of prevailing in the courts because the authority to cancel debt is more clearly enumerated than it is in the law Biden relied on the first time around. Several …

Biden's New SAVE Plan Could Cut Your Student Loan Payments By Hundreds. But Do You Qualify?
1 year, 6 months ago

Biden's New SAVE Plan Could Cut Your Student Loan Payments By Hundreds. But Do You Qualify?

Huff Post  

OLIVIER DOULIERY via Getty Images President Joe Biden announced his first plan for student loan relief in August 2022, but it was overturned by conservative members of the Supreme Court. The restart of student loan payments was meant to follow the rollout of President Joe Biden’s widespread loan forgiveness plan, which more than 26 million borrowers had applied for once …

Employers could offer you tax-free help with your student loan payments. Most are not
1 year, 6 months ago

Employers could offer you tax-free help with your student loan payments. Most are not

CNN  

New York CNN — As borrowers prepare to resume paying their federal student loans in the coming weeks, the IRS is reminding employers that they can help by offering workers up to $5,250 tax free as part of their educational assistance benefits. While companies have been allowed to offer such benefits for years, it’s only since March 2020 that lawmakers …

I was surprised when some of my student loans were canceled. Yours might be, too
1 year, 7 months ago

I was surprised when some of my student loans were canceled. Yours might be, too

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. This surprising reversal happened because …

Explained | The U.S. student loan crisis and Joe Biden’s new cancellation plan
1 year, 8 months ago

Explained | The U.S. student loan crisis and Joe Biden’s new cancellation plan

The Hindu  

The story so far: United States President Joe Biden has already released a new plan to cancel billions in student loan debt after the conservative majority Supreme Court of the U.S. in a 6-3 decision on June 30 blocked his ambitious plan to cancel $430 billion in debt. The president announced on the day of the Court ruling that the …

Biden’s student loan forgiveness program was rejected by the Supreme Court. Here’s what borrowers need to know
1 year, 8 months ago

Biden’s student loan forgiveness program was rejected by the Supreme Court. Here’s what borrowers need to know

CNN  

Washington CNN — The Supreme Court struck down President Joe Biden’s student loan forgiveness program Friday, blocking millions of borrowers from receiving up to $20,000 in federal student debt relief, just months before student loan payments are set to restart after a yearslong pause. Ways borrowers can still seek debt relief The Biden administration has made it easier for many …

What should borrowers do now that Biden’s college debt forgiveness plan is dead?
1 year, 8 months ago

What should borrowers do now that Biden’s college debt forgiveness plan is dead?

LA Times  

Student debt relief advocates gather outside the Supreme Court on Feb. 27 ahead of arguments over President Biden’s loan forgiveness plan. President Biden plans to do just that; the White House said Friday that the Education Department started developing a new rule under the Higher Education Act “aimed at opening an alternative path to debt relief for as many borrowers …

It’s almost time to resume student loan payments. What happens if you don’t?
1 year, 9 months ago

It’s almost time to resume student loan payments. What happens if you don’t?

Associated Press  

NEW YORK — After three years, the pandemic-era freeze on federal student loan payments will end this fall and more than 40 million Americans will have to start making payments again under the terms of a debt ceiling deal approved by Congress. The U.S. Supreme Court has ruled that the Biden administration overstepped its authority in trying to cancel or …

Supreme Court could soon rule on Biden’s student loan forgiveness program. Here’s what borrowers need to know
1 year, 9 months ago

Supreme Court could soon rule on Biden’s student loan forgiveness program. Here’s what borrowers need to know

CNN  

Washington CNN — Millions of borrowers may learn soon whether they could receive up to $20,000 in debt relief under President Joe Biden’s student loan forgiveness program. The forgiveness program, which is estimated to cost about $400 billion, would fulfill Biden’s campaign promise to cancel some student loan debt and would delight progressives, as well as put some borrowers in …

The US has approved $42 billion in loan forgiveness for public service workers. Here’s what to know
1 year, 10 months ago

The US has approved $42 billion in loan forgiveness for public service workers. Here’s what to know

Associated Press  

The U.S. has approved more than $42 billion in federal student loan debt forgiveness for more than 615,000 borrowers in the past 18 months as part of a program aimed at getting more people to work in public service jobs, the U.S. Department of Education said this week. The Public Service Loan Forgiveness program is open to teachers, librarians, nurses, …

Biden has quietly forgiven billions in student loans despite setbacks for his signature debt plan
2 years ago

Biden has quietly forgiven billions in student loans despite setbacks for his signature debt plan

LA Times  

People rally to show support for the Biden administration’s student debt relief plan in front of the Supreme Court on Feb. 28 in Washington, D.C. Sara Diaz was feeling emotional when she checked her email Tuesday. The Education Department has agreed to forgive more than $14.5 billion for borrower defense cases and people whose schools closed before they finished their …

What should student loan borrowers do while waiting for Supreme Court forgiveness ruling?
2 years ago

What should student loan borrowers do while waiting for Supreme Court forgiveness ruling?

LA Times  

The U.S. Supreme Court will decide two issues: whether the administration overstepped its authority, and whether the plaintiffs had the right to sue in the first place. If you have federal student loan debt, you may be waiting anxiously to see whether the Supreme Court will halt the massive loan forgiveness program the Biden administration announced last August. The justices …

More relief for student borrowers could come under new rules
2 years, 2 months ago

More relief for student borrowers could come under new rules

LA Times  

Education Secretary Miguel Cardona, shown testifying on Capitol Hill in September 2021, unveiled more details Tuesday on a plan to lower monthly student loan payments for many borrowers. The U.S. Department of Education laid out a proposed rule Tuesday to simplify and expand eligibility for its income-driven repayment programs, which tie monthly payments on federal student loans to the borrower’s …

Explained | What’s the latest on Biden’s U.S. student loan forgiveness?
2 years, 4 months ago

Explained | What’s the latest on Biden’s U.S. student loan forgiveness?

The Hindu  

The story so far: U.S. President Joe Biden's plan to forgive federal student loans, first announced in August, has been blocked by two legal challenges, clouding the financial future for millions of American students and graduates. The six Republican-run states that have sued to block Mr. Biden's executive order argue he skirted congressional authority and the plan threatens future tax …

What to know if you’ve applied for student loan forgiveness
2 years, 4 months ago

What to know if you’ve applied for student loan forgiveness

Associated Press  

NEW YORK — President Joe Biden’s plan to provide up to $20,000 in federal student loan forgiveness has been blocked by two federal courts, leaving millions of borrowers wondering what happens next. “We’re really confident they’re going to find a way forward to cancel people’s debt,” said Katherine Welbeck at the Student Borrower Protection Center. “I’ve been telling people to …

Student loan pause: What to know if you’ve applied for cancellation
2 years, 4 months ago

Student loan pause: What to know if you’ve applied for cancellation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy President Joe Biden’s plan to …

Biden facing pressure to extend student loan payment pause
2 years, 4 months ago

Biden facing pressure to extend student loan payment pause

Associated Press  

WASHINGTON — In the days and weeks before the midterm election, President Joe Biden trumpeted his plan to cancel billions in student loans as he rallied young people to support Democrats. “We bear no blame in this broken system.” The impasse has left the White House in a bind over whether to extend the moratorium if the legal battle drags …

EXPLAINER: Where does student loan forgiveness stand?
2 years, 4 months ago

EXPLAINER: Where does student loan forgiveness stand?

Associated Press  

A federal appeals court in St. Louis has created another roadblock for President Joe Biden’s plan to provide millions of borrowers with up to $20,000 apiece in federal student-loan forgiveness. Nebraska Attorney General Doug Peterson, a Republican, said in a statement that the ruling “recognizes that this attempt to forgive over $400 billion in student loans threatens serious harm to …

Applications for student loan forgiveness no longer accepted
2 years, 4 months ago

Applications for student loan forgiveness no longer accepted

Associated Press  

WASHINGTON — The Biden administration is no longer accepting applications for student loan forgiveness after a second federal court shut down the program. “Courts have issued orders blocking our student debt relief program,” the Education Department said on its federal student aid website. We are seeking to overturn those orders.” Fulfilling a campaign pledge, President Joe Biden announced in August …

EXPLAINER: Where does the student loan debt plan stand?
2 years, 4 months ago

EXPLAINER: Where does the student loan debt plan stand?

Associated Press  

President Joe Biden’s plan to provide millions of borrowers with up to $20,000 apiece in federal student-loan forgiveness has been blocked by a second federal court, leaving millions of borrowers to wonder if they’ll get debt relief at all. Here’s where things stand: HOW THE FORGIVENESS PLAN WORKS The debt forgiveness plan announced in August would cancel $10,000 in student …

Federal judge blocks Biden student debt forgiveness plan
2 years, 4 months ago

Federal judge blocks Biden student debt forgiveness plan

Al Jazeera  

Critics have said the plan, which would forgive up to $20,000 in student loan debt, oversteps Biden’s bounds. A federal judge in the state of Texas has blocked United States President Joe Biden’s hallmark plan to forgive thousands of dollars in student debt. The Thursday ruling from District Court Judge Mark Pittman, an appointee of former President Donald Trump, comes …

Biden admin relaxes rules for student debt forgiveness
2 years, 4 months ago

Biden admin relaxes rules for student debt forgiveness

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration is moving …

Judge dismisses effort to halt student loan forgiveness plan
2 years, 5 months ago

Judge dismisses effort to halt student loan forgiveness plan

Associated Press  

ST. LOUIS — A federal judge on Thursday dismissed an effort by six Republican-led states to block the Biden administration’s plan to forgive student loan debt for tens of millions of Americans. U.S. District Judge Henry Autrey in St. Louis wrote that because the six states — Nebraska, Missouri, Arkansas, Iowa, Kansas and South Carolina — failed to establish they …

Judge dismisses effort to halt student loan forgiveness plan
2 years, 5 months ago

Judge dismisses effort to halt student loan forgiveness plan

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A federal judge in St. …

Student-loan forgiveness: Who qualifies for Biden’s plan and how to apply
2 years, 5 months ago

Student-loan forgiveness: Who qualifies for Biden’s plan and how to apply

Live Mint  

President Biden’s student-loan plan will reduce or wipe out the debt of millions of borrowers. Many borrowers will be eligible for total forgiveness up to $20,000 if they received Pell Grants, a form of federal financial aid awarded to students from low-income households. Borrowers with federal student-loan debt are eligible for up to $10,000 in relief if they earn less …

Everything to know to apply for student loan forgiveness
2 years, 5 months ago

Everything to know to apply for student loan forgiveness

Associated Press  

NEW YORK — President Joe Biden’s student loan forgiveness program. At least a few states have said they plan to tax the forgiveness, including Indiana and Mississippi, and it’s unclear whether some others will change their tax rules to exclude forgiven student debt. Discretionary income usually refers to what you have left after covering necessities like food and rent, but …

Everything to know to apply for student loan forgiveness
2 years, 5 months ago

Everything to know to apply for student loan forgiveness

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy President Joe Biden’s student loan …

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